Zee News Q2 net profit up 104 pc at Rs 11.47 cr

Zee News Ltd has reported a 104.4 per cent jump in its consolidated net profit to Rs 11.47 crore for the quarter ended September 30, 2008. Consolidated Q2 revenues stood at Rs 127.7 crore, a growth of 60 per cent over the corresponding quarter last fiscal.

Commenting on the results, Subhash Chandra, Chairman, Zee News, said, “In this time of a perceptible global economic slowdown and challenging macroeconomic environment, during which investor confidence is certainly not at its peak, Zee News Ltd has delivered excellent results in the second quarter of FY09. The company has maintained its growth momentum and recorded a healthy 60 per cent increase in top line of Rs 127.7 crore. Consolidated EBIDTA stood at Rs 21.2 crore, up 99.3 per cent. As per our guidance given, the Telugu channel has broken even in this quarter.”

“Our Zee Tamil channel was launched in Chennai on October 12. Other designated launches this fiscal include Zee 24 Ghantalu, a 24-hour Telugu news channel, and UP news channel Zee 24 Ghante Uttar Pradesh. In line with our vision of regional expansion, we may as well look for certain innovative strategic investments in the coming period,” Chandra added.

Laxmi Narain Goel, Managing Director, Zee News Ltd, remarked, “The existing businesses continued to grow and recorded around 45 per cent growth in operating revenues, while the same for new businesses was 226 per cent. Viewership, too, experienced an upward spiral with almost all Zee News Ltd channels experiencing a growth in channel share compared to the corresponding quarter last fiscal.”

Commenting on the company’s performance, Barun Das, CEO, Zee News, said, “In our new businesses, both Zee Telugu and Zee Kannada are gaining traction in their respective markets and delivering growing revenues and GRPs. While Zee Telugu has broken even, Zee Kannada is strongly on the path to break even as per our previous guidance.”